HSBC leads $6.85m funding for Hong Kong-based blockchain insurance startup

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Blockchain insurance coverage startup MediConCen raised $6.85 million in funding led by HSBC to enhance the sector by ‘simplifying and dashing up the claims journey.’

In a blog announcement, the Hong Kong-headquartered startup mentioned different buyers, together with G&M Capital, ParticleX, and new investor Wings Capital Ventures, have additionally participated within the funding.

With the newest money influx, MediConCen raised a complete of $12.7 million, planning to place the proceeds to speed up its development within the worldwide market, together with the Center East and Southeast Asia. MediConCen head William Yeung says the startup is altering the paper-based and human-based declare course of to a “digital- and AI-assisted [artificial intelligence] journey, using the newest AI and blockchain expertise.”

Kara Byun, head of fintech at HSBC Asset Administration, mentioned the funding is anticipated to simplify and pace up the claims course of, together with “guaranteeing that the declare quantity is truthful, with a expertise spine that helps the scaling up of those advantages.”

Established in 2018 as an incubatee at Cyberport, a Hong Kong government-backed high-tech industrial park, MediConCen serves over 16 insurers and greater than 1 million insured people. The corporate’s cashless declare platform boasts participation from over 1,200 medical suppliers.

For HSBC, this funding underscores its dedication to digitization in Hong Kong, as Luanne Lim, CEO of HSBC Hong Kong, beforehand outlined the financial institution’s plans to discover tokenization of economic devices and central financial institution digital currencies pilots within the area, aiming to convey effectivity, transparency, and price discount to conventional finance.

HSBC has been actively engaged in monetary experimentation in Hong Kong, allowing purchasers to commerce Bitcoin (BTC) and Ethereum (ETH) futures by means of its funding platform in June 2023. Moreover, in November 2023, HSBC partnered with a Ripple-owned agency for a blockchain initiative concentrating on institutional purchasers curious about real-world belongings hosted on-chain.

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